Managing Business Responsibly

4 Tips For Renting A Student Apartment With Little Income

by Priscilla Terry

Living on campus can be expensive, which is why many students choose to live in student housing that are located off-campus, as they tend to cost a little less. If you are looking to rent a student apartment with little to no income, there are a few things you are going to need to do to get a landlord to approve your lease.

Tip #1: Look for a Property Known to Rent to Students

The first thing you should do is look for a property that is known to rent to students. Ask around on campus and find out if any apartment complexes cater to students. Find out if there are any private homes that tend to cater to students as well.

There are often many private landlords who specifically want to work with the student population in college towns. Often, the easiest way to find these landlords is by asking other students where they rent. Private landlords are usually a little more willing to work with you if you don't have a traditional income source.

Tip #2: Pay More Upfront

Second, you should consider paying a little bit more upfront. Many landlords are more flexible with their income requirements when you are willing to put down a security deposit. Other landlords will waive their income requirements if you pay first and last month's rent. That is why it's a good idea to save up a little extra money when you are getting ready to move into a student apartment and out of the residency halls.

Tip #3: Get a Roommate

Third, you should consider getting a roommate. A roommate will provide you with another person to help pay the rent. A roommate will also provide you with another person who has an income that you can share with the landlord. A landlord may be more willing to rent you a student apartment when you have someone to share the expense with.

Tip #4: Document Your Finances

As a student, you may not be making that much income from your job. However, you may be bringing money in from scholarships and loans. When you apply for a student apartment, you will want to provide documentation that shows that you are getting money from your scholarships and loans. Often the landlord doesn't need to see that you have your traditional income source; they need to see that you have the money to pay your rent.

Tip #5: Get a Co-signer

Finally, you may want to consider getting a co-signer. In this case, a co-signer should be a friend or family member that has a substantial income had a good credit score. Many landlords will be more willing to lease to you if you have a co-signer who guarantees release but doesn't move into the apartment. Keep in mind that your cosigner will be responsible for paying your rent if you fall behind.

When it comes to renting a student apartment with little to no regular income, you will want to look for a landlord who understands your situation. You will want to document your finances and show where your money is coming from that you will use to pay your rent. You should save up to put down a large deposit or pay for the first and last month's rent when you move into a new apartment. It is also a good idea to get a roommate to share the financial burden, and you should consider getting a co-signer for your lease agreement as well.